Imports jump and inflation looms as sterling crashes

I'm City A.M.'s economics reporter, looking at the news, stories and data that move markets in the UK, Europe and around the globe. I also cover broader developments in the business and political worlds at home and abroad.

"Many domestic firms may also agree to export or import goods at a fixed price in the importer's currency, to maintain client relationships and consistency of orders. If a UK firm agrees to do this, the price of the trade on a sterling basis would rise as the currency depreciates."